NetZero Industry Act launched in Europe

The European Commission launched its NetZero Industry Act legislation that could see carbon capture technology rolled out more rapidly to ships.

With the NetZero Industry Act, the European Commission will reduce the administrative burden and simplify permit-granting processes for renewable energy projects, accelerate the use of CO2 capture and storage and improve conditions for investment in net-zero technologies.

As part of the new act, the European Commission has presented targets for CO2 injection capacity of 50m tonnes annually by 2030.

The proposed regulation now needs to be discussed and agreed by the European Parliament and the Council of the European Union before its adoption and entry into force.